The average for a 30-tyear fixed loan was 3.4 percent, up from 3.39 percent a week earlier but down from 3.99 percent a year ago. The year-earlier figure was the first time the rate fell below 4 percent since Freddie began keeping track in 1971.

Rates on 15-year mortgages dipped to 2.69 percent, from 2.70 percent a week ago and 3.30 percent last year at this time.

"Mortgage rates remained near record lows following the employment report for October," said Frank Nothaft, Freddie chief economis. "The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged."